Weidner strikes again!
The Kirkland, Wash.-based apartment owner and manager paid $54.5 million for the 218-unit 7west luxury apartments at Seven Corners near the University of Minnesota campus in Minneapolis.
The deal was brokered by Keith Collins, Abe Appert, and Laura Hanneman of CBRE's Minneapolis office, which represented the seller, Eden Prairie-based Grandma's Associates LLC.
Weidner Apartment Homes has been on a buying spree in the Twin Cities metro area with about a half-dozen recent acquisitions.
Last year, it paid $109 million for 222 Hennepin, a mixed-use project along Hennepin Avenue in downtown Minneapolis that has a Whole Foods Market and 286 luxury apartments. More recently, the company paid $3.75 million for a 13-acre building site across the Mississippi River from downtown St. Paul. Weidner's regional headquarters is at Carlson Center East II, a 62,112-square-foot office building in Minnetonka that Weidner paid $4.65 million for in May.
Weidner has properties in nine states, four Canadian provinces and owns more than 41,000 apartments.
7west was built in 2014 and was the first multifamily building in the city to receive LEED Gold certification. It was built with the help of a feng shui master who consulted on certain design aspects, including the best position for the lobby at the busy intersection.
The deal includes a commercial public parking ramp with 329 parking spaces that was originally owned by the City of Minneapolis and is used by the adjacent Courtyard by Marriott Hotel. The site was the home of Grandma's Saloon and Grill. The project was developed by Solhem Companies and TE Miller Development.
